WSP Accounting Crash Course Complete Accounting Fundamentals Study Guide 2026/ 2027

WSP Accounting Crash Course _ WSP
Complete
Accounting
Accounting
CrashFundamentals
Course _ WSP
Complete
Study
Accounting
Guide.pdf
Accounting
CrashFundamentals
Course _ Complete
Study Guide.pdf
Accounting Fundamentals Study Guide.pdf




WSP Accounting Crash Course |
Complete Accounting Fundamentals
Study Guide




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WSP Accounting Crash Course _ WSP
Complete
Accounting
Accounting
CrashFundamentals
Course _ WSP
Complete
Study
Accounting
Guide.pdf
Accounting
CrashFundamentals
Course _ Complete
Study Guide.pdf
Accounting Fundamentals Study Guide.pdf

,WSP-Accounting Crash Course.pdf WSP-Accounting Crash Course.pdf WSP-Accounting Crash Course.pdf


Terms in this set (49)



Historical Cost -Financial statements report companies' resources and obligations at an
initial historical cost. This conservative measure precludes constant
appraisal and revaluation


Revenue Recognition Principle -requires that companies recognize revenue in the accounting period in
which the performance obligation is satisfied
-Revenues must be recorded when earned and measurable
-Does not matter when cash transfers occur
-until that order is shipped to a customer and collection from that
customer, who used a credit card, is reasonably assured


Matching Principle -Costs of a product must be recorded during the same period as revenue
from selling it




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Income Statement -is a financial report that depicts the operating performance of a company
(i.e. revenues less expenses generated - i.e. profitability) over a specific
period of time (typically a quarter or year).
-analysts can use THIS to identify the components and sources ("drivers")
of net earnings.


Revenues/Net Revenues (Net Sales) -Total dollar payment for goods and services that are credited to an
income statement over a particular time period
-A company may have other income streams, which are not related to its
main operations
Ex. Interest income earned from investments and Income received from a
legal settlement


Cost of Goods Sold -represents a company's direct cost of manufacture (for manufacturers) or
procurement (for merchandisers) of a good or service that the company
sells to generate revenue
-DOES NOT INCLUDE
Ex. corporate overhead, marketing and administrative expenses, research
and development, and salaries of employees not associated directly with
the manufacture or procurement of a good or service


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